Developer Mitchel Maidman, who built the 32‑story tower at 556 Third Avenue in New York’s Murray Hill neighborhood, has been ordered to pay a hefty penalty after he was accused of using the property to enrich himself. Maidman’s former business partner, Israeli developer Ofer Resles, alleged Maidman diverted proceeds from the sale of the building’s penthouses into entities he controlled, despite a 50-50 ownership agreement, Crain’s New York Business reported. An arbitrator last month concluded that Maidman’s conduct “smack of self‑dealing” and described his testimony as contradictory and lacking candor. The arbitrator ordered Maidman to pay $22 million in damages.  […]

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